Japan
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◆ Fair value debated ◆ Some question RV attractiveness to global investors ◆ Dollars main funding market ‘for now’ -
◆ Japanese bank returns to euro market after many years ◆ Global asset managers reducing US dollar exposure ◆ Euro issuers facing increased competition
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◆ Japanese issuer back with usual benchmark ◆ Difficult backdrop, ‘good for them to get this away’ ◆ Tier one issuer needed
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◆ Quick into market after Trump pauses tariffs ◆ Lands close to fair value ◆ Defensive tactics in bookbuilding
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Half a dozen syndicated deals in euros and dollars to kickstart new week
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Tightening Japanese monetary conditions could shock markets worldwide
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◆ Lack of comps making finding fair value tricky ◆ Leads spot the deal flat ◆ Demand strong despite contractual structure
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Structured covered bond expected to offer pick up over legislative peers
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◆ Huge final orders as company diversifies into euros ◆ Flat or negative concession offered ◆ Dollar and euro comparables used for pricing
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Singaporean and South Korean lenders expected to be regular euro issuers
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Investors are clear on which car maker they believe will be the winner and which the loser in a merger
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◆ French bank offers six tranches between three to ten years ◆ Investor preference for short dated tranches prevails ◆ Rate rises expected in Japan
